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Lv 6
? asked in Business & FinanceCredit · 2 years ago

Rough estimate of mortgage approval?

Salary = 55-60,000 per year

Down payment = 16,000

I have no credit card debt, no loans or leases. Insurance for vehicle is 170/month

I live in Canada British columbia.

Thanks

5 Answers

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  • SCATTY c
    Lv 6
    2 years ago

    You can borrow about 3.5 times your annual income

    You need to be able to put down 5 - 10% of the asking price

    YOU do the maths

    But to get pre-approved you need 6-12 months in the same job and you need good credit.

  • SumDude
    Lv 7
    2 years ago

    "no"

    Source(s): Houses are very expensive in B.C.
  • Dan B
    Lv 7
    2 years ago

    3x your annual salary. Anything over that has to come from your own funds (savings). I personally set my limit to 2.5x my annual salary. Just because I was approved for the higher mortgage doesn't necessarily mean that I can afford it. The lender wants to make the most interest with the least risk and their guideline is about 3x your annual salary. They won't go 3.5x or 4x that amount.

  • Judy
    Lv 7
    2 years ago

    ask to be prequalified

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  • ?
    Lv 7
    2 years ago

    Credit Score?

    Cost of house?

    Time on job?

    Car insurance does not come into play but 170 a month is high.

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